J
Jjudge
Guest
What is the name of your state? Florida. I own two homes. I let my son live in one of my homes and he has lived there for almost 2 years. He has paid the real estate taxes on this house, but he has not been able to take advantage of the Homestead exemption since it is in my name and it is not my principal residence. I would like to put the house in my son's name and was told that a Quit Claim Deed would transfer ownership to him. I am concerned about taxes. Since there will be no money in this transaction - what will happen if my son decides to sell this house in a year from now because it is getting too small for his family. Will he have to pay Capital Gains tax on the entire amount of the house (he will probably not have lived there for 5 years) or only on the difference of what I paid for it and what he sells it for minus expenses? Anxiously looking forward to your answers.